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Claim of cenvat credit in gst

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Saliq Ansari

CA_Final Student

394 Points Posted on 03 February 2017

Whether Unutilised Cenvat credit outstanding from either Service Tax or Excise could be carried forward in GST as Credit to be set off against Future Liability that would incur in GST.

And same for VAT Credit outstanding with Department whether it would be available for set off against future GST Liability.

Replies (1)

Amitav

Chartered Accountant

4256 Points Posted on 04 February 2017

Yes..Transitional provisions allow taxpayers to carry forward the balance tax credit from the current regime (Excise, Service Tax, VAT.,etc. ) to GST regime, subject to the prescribed conditions.

All the unutilized input tax credit can be utilized under GST if:

-All those credits are allowed under existing laws and under GST laws

-Used for taxable supplies under GST

-Persons eligible for input tax credit under this Act

-Possession of invoices / documents evidencing payment of duty on such inputs

-Invoices/ documents were issues not earlier than the prescribed period

To know all the conditions and in details -Pls refer Chapter-XXVII- Transitional Provisions under revised GST Laws